Oil Prices Drop on Trade War Fears and Ample US Supply

Oil prices fell 5% on Thursday, extending steep losses in the previous sessions, as the market braced for a prolonged U.S.-China trade war, digested disappointing manufacturing data and processed signs that Middle East tensions are moderating.

West Texas Intermediate graph

Brent crude futures, the international benchmark for oil prices, sank $3.12 cents, or 4.4%, or $67.87 per barrel around 10:20 a.m. ET (1420 GMT).

Brent crude graph

U.S. West Texas Intermediate crude futures tumbled $3.20, or 5.2% to $58.22 per barrel, after falling 2.5% the previous day. WTI dropped below $60 per barrel for the first time in nearly 2 months on Thursday.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza